R U sure Jim stated that the money supply m0 m1 or m2 is what needs backing? From my understanding, back in the 30's and 70/80's gold reached a value that matched US debt held by foreign countries. Currently this debt is about 4.9 trillion. If you divide this amount by the total US gold ounces (approx. 260 million ounces or just over 8100 tons) the result is about $18,000 an ounce. If history repeats, Gold should exceed this amount at the end of the bull market IMO.